On Tuesday night, stock futures rose as oil prices spiked in the midst of ongoing conflicts between Russia and Ukraine.

Futures linked to the Dow Jones Industrial Average climbed 64 points or 0.199%. S&P 500 and Nasdaq 100 futures added 0.1%.

Extended trading saw several stocks benefit from earnings. Strong earnings led to Nordstrom’s stock price exploding by 35%, while SoFi soared around 20%.

Regular trading saw the Dow fall 597 points (or 1.76%). The S&P 500 lost 1.55% and the Nasdaq Composite slid 1.59%.

The Russian aggression on Ukraine continued to push energy prices higher. West Texas Intermediate crude futures broke above $107 per barrel Tuesday evening, after hitting its highest level in seven yearsEarlier in the morning

“This dramatic dislocation is due to a flight to safety where U.S. production is viewed as more reliable than other global sources,” Jay Hatfield, founder and CEO of Infrastructure Capital Advisors, said of the spike in WTI. It is likely to end once the Ukraine situation stabilises.

Investors keeping a close eye on oil pricesInflation could lead to economic collapse and cause problems for the Federal Reserve in formulating policy.

The market was dominated by energy stocks Tuesday. Bank stocks suffered a drop due to a sharp fall in Treasury yields. This was a result of a rush for safe-haven bonds in the midst of stock market volatility.

Several times during Tuesday’s session, the benchmark 10-year note fell below 1.7%.

Fed Chair Jerome Powell will testify before Congress on Wednesday to give his semiannual monetary policy update. With fears over the Russian invasion of Ukraine causing turmoil in the financial world, Wall Street has quietly dialed down its expectations for Fed action.

Powell now tasked with telling Congress this weekThe central bank will do more to curb inflation than the markets anticipate.

ADP employment data due Wednesday is also expected by investors. Mortgage application numbers will also be available.

The President Joe Biden’s first State of the Union Address will be delivered Tuesday evening. Although investors may be interested in updates about his economic agenda and the global response to Ukraine’s conflict, they are likely to focus on the business side.

Many tech companies will report Wednesday to continue earnings season. Pure Storage, Okta, and C3 AI report to the market after close. ChargePoint also reports after the bell.